C Street Advisory Group is working the Chapter 11 reorganization of Hoboken-based Celsius Network crypto lender as it becomes the latest victim of the cryptocurrency market's collapse.
The July 11 filing follows "the difficult but necessary decision by Celsius last month to pause withdrawals, swaps and transfers on its platform to stabilize its business and protect its customers," according to a statement by the special committee to Celsius' board of directors.
Without that pause, there would have been a run on the company's assets, allowing "certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery."
CEO Alex Mashinsky predicted the Chapter 11 move will be viewed some day as "a defining moment, where acting with resolve and confidence, we served the community and strengthened the future of the company."
New York-headquartered C Street Advisory Group launched last September.
Lisa Hernandez Gioia, head of external affairs & managing director at C Street, handles Celsius Network.